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@Sainsburys_Ed
Rest it and stretch, sounds like tendinitis of some form, classic overtiring injury, which I've been getting if I step up my running mileage too much in any given week.
one of the insertions for the iliotibial band is near where you mentioned,which could be the issue, likely to be something similar so have a bit of a read about that.
You should take a couple of days off cycling and or any exercise, see if it goes away and if it doesn't then go spend money on a physio/ bike fit.
Alternatively if you have insurance/spare money go straight away and they may be able to correctly diagnose and sort you out quicker.